Recall the Application about food and drink pricing during "happy hour" at bars and restaurants to answer the following question(s).Recall the Application. The happy hour combination of higher demand and lower prices is in accordance with the model of perfect competition.
Answer the following statement true (T) or false (F)
False
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Why are inputs not included in the calculation of the gross domestic product?
What will be an ideal response?
Over the last 50 years, has the ratio of household production to gross domestic product in the United States increased or decreased? Consider the effect of the increased number of women working outside the home, and the effect of advances in
technology in household production such as microwaves, coffee makers, power tools, etc.
Which of the following represents the largest source of income for U.S. households?
a. personal interest b. proprietor's income c. wages and salaries d. rental income e. transfer payments
If two choices are the same but one is presented in a positive manner and one in a negative context, people:
A. respond differently because of the framing effect. B. are rational and respond the same. C. respond differently because of the endowment effect. D. respond the same because of the endowment effect